President Trump Declares a “New Era” Markets Respond, Yes!
$DIA, $SPY, $QQQ, $VXX
US President declared “the start of a new era” in energy production with the signing an executive order Tuesday that he said would revive the coal industry and create jobs.
The move makes good on his campaign vow to unwind and shred former President Barack Hussein-Obama’s plan to curb global warming.
The order suspends, rescinds or flags for review several measures in an effort to boost domestic energy production in the form of fossil fuels aka Crude Oil, Nat Gas & Coal
Former Vice President Al Gore denounced the our President’s plan.
President Trump said the effort would allow workers to “succeed on a level playing field for the first time in a long time.”
“That is what this is all about: bringing back our jobs, bringing back our dreams and making America wealthy again,” he said, during a ceremony at the Environmental Protection Agency (EPA) HQ, attended by a number of coal miners.
President Trump calls global warming a “Hoax” invented by the Chinese, and has criticized the power-plant rule as an attack on American workers and the struggling US coal industry.
In addition to pulling back from the Clean Power Plan, The Trump Administration will also lift a 14-month-old moratorium on new coal leases on federal lands.
President Trump accused Mr. Hussein-Obama of waging a “war on coal” and boasted in a speech to Congress that he has made “a historic effort to massively reduce job-crushing regulations,” including some that threaten “the future and livelihoods of our great coal miners.”
The order will also chip away at other regulations, including scrapping language on the “social cost” of greenhouse gases.
It will initiate a review of efforts to reduce the emission of methane in Crude Oil and Nat Gas production as well as a Bureau of Land Management (BLM) hydraulic fracturing rule, to determine whether those reflect the President’s policy priorities.
It will also rescind Obama-Era executive orders and memoranda, including one that addressed climate change and national security and one that sought to prepare the country for the impacts of climate change.
The Trump Administration is still in discussion about whether it intends to withdraw from the Paris Agreement on climate change.
Environmental Protection Agency boss, Scott Pruitt, alarmed environmental groups and scientists earlier this month when he said he does not believe CO2 (carbon dioxide) is a primary contributor to global warming.
President Trump’s order on coal-fired power plants follows an executive order he signed last month mandating a review of an Obama-Era rule aimed at protecting small streams and wetlands from development and pollution.
The order instructs the EPA and Army Corps of Engineers to review a rule that redefined “Waters of the United States” protected under the Clean Water Act to include smaller creeks and wetlands.
The Trump Administration’s plans drew praise from business groups and condemnation from environmental groups.
US Chamber of Commerce President Thomas J. Donohue praised the President for taking “bold steps to make regulatory relief and energy security a top priority.”
“These executive actions are a welcome departure from the previous administration’s strategy of making energy more expensive through costly, job-killing regulations that choked our economy,” he said.
Tuesday the US stock market’s Key indexes responded positively to the Oval Office news on energy and finished at: DJIA +150.52 at 20701.57, NAS Comp +34.77 at 5875.15, S&P 500 +16.98 at 2358.55.
Volume: Trade on the NYSE came in at 985-M/shares exchanged
- NAS Comp +9.1% YTD
- S&P 500 +5.4% YTD
- DJIA+4.8% YTD
- Russell 2000 +0.7% YTD
|HeffX-LTN Analysis for DIA:||Overall||Short||Intermediate||Long|
|Neutral (0.16)||Neutral (-0.15)||Neutral (0.12)||Very Bullish (0.50)|
|HeffX-LTN Analysis for SPY:||Overall||Short||Intermediate||Long|
|Bullish (0.29)||Neutral (-0.10)||Bullish (0.38)||Very Bullish (0.58)|
|HeffX-LTN Analysis for QQQ:||Overall||Short||Intermediate||Long|
|Bullish (0.38)||Neutral (0.24)||Bullish (0.40)||Very Bullish (0.50)|
|HeffX-LTN Analysis for VXX:||Overall||Short||Intermediate||Long|
|Bearish (-0.30)||Neutral (-0.22)||Very Bearish (-0.51)||Neutral (-0.17)|
Latest posts by Paul Ebeling (see all)
- Wall Street’s Key Stock Analysts Research Report, All Buys - April 3, 2020
- Healthcare Stocks Alluring in Defensive Market - April 3, 2020
- Friday’s World Markets: Asia-Pacific - April 3, 2020